EUROS

摘要

The week belonged to italy in terms of eurozone auction activity, with the sovereign making two appearances, one on Tuesday and another on Thursday. On its first visit, it sold €3bn of a new 2016 zero-coupon CTZ issue, at the top of the expected €2.5bn-€3bn range. The bid-to-cover came in at a fairly average 1.43:1, while the average yield of 0.326% was 7bp through the offered side of the market as the bidding deadline expired, much as expected given the primary dealer concession. It then returned on Thursday, selling €6.5bn across two BTPs, again at the top of the expected €5.5bn-€6.5bn range. The main body of the fill came in the new 10-year - the 2.5% December 2024 - which attracted a bid-to-cover of 1.26:1 on a fill of €4bn. This compared with 1.45 on the last 10-year auction on July 30. The cover on the balance on the 1.5% August 2019 issue came in at 1.51, versus 1.45 at the last tap a month ago.